House sale proceeds

Tman6161
Tman6161 Member Posts: 1 Newcomer
edited January 15 in Income

My sister sold a home that I was part owner in . I have not lived in the home for 18+ years but since I was listed as part owner I was involved. It has been my sister's primary residence since 1991. We split the sale 80/20 with my share being $48,000. How, if at all, does this need to be claimed? The sale was in NYS, where we both still reside.

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Answers

  • AlexO
    AlexO FreeTaxUSA Agent Posts: 74

    Hello, Tman6161!

    That is a great question!

    If you do not personally meet the primary residence exclusion for this home, you will need to pay taxes on the gain on the sale. You'll report the sale within FreeTaxUSA by selecting 'Income' > 'Stocks or Investments Sold (1099-B)'. You'll report only your share of the proceeds and basis.

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